TWUSUPER Super News September 2014 – EMPLOYER-FOCUSED ARTICLES
Annual statements out this monthMembers who get their annual statements by mail will receive them from 22 September 2014.
All members registered for the online service MemberAccess can view their statements from 17 September 2014.
Keep your super in good hands
Independent research supports the positive difference made by Industry SuperFunds, which
have outperformed retail super funds on average over the medium to long term. This is not surprising, as Industry SuperFunds like TWUSUPER are run only to benefit members. Unlike some retail funds, TWUSUPER doesn’t pay sales incentives to advisers, and never has.
In fact, a recent report published by the McKell Institute uses historical differences in crediting rates from 1987–2013 to conclude that starting from the same point, an Australian could have to contribute to their super for a further eight years had they been a member of an average retail super fund.
Note: Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. Consider a fund’s PDS and your objectives, financial situation and needs, which are not accounted for in this information before making an investment decision.
Time’s running out to update your payment method
SuperStream is a package of Government reforms designed to improve the super system.
A key aim of SuperStream is to get employers online, and end the use of cheques and paper forms by employers when making employee super contributions.
In preparation for SuperStream, the Fund is changing the way we do things. After January 2015, the Fund will no longer send contribution returns in the mail.
The good news is that managing all your employees’ super contributions online has never been easier with EmployerAccess, TWUSUPER’s secure employer website. EmployerAccess lets you pay all your employees’ super contributions. We’ve even made sure that the details
of any employees you have made contributions for in the past automatically appear in EmployerAccess, meaning less data entry.
For employers contributing to more than one super fund, we also offer a third party clearing house facility.
We’re here to help
If you have any questions about how to get online with EmployerAccess, we’re ready to talk you through the process over the phone – call us on 1800 241 877 weekdays from 8am to 8pm AEDT/AEST.
LISC to stay until 2017
In August, the Government agreed that although the low income super contribution (LISC) will be abolished, it will remain in place until 30 June 2017.
This means that eligible employees earning under $37,000 a year could still get up to $500 a year in Government contributions to their super. If eligible, this benefit will be paid directly into their accounts without any further action needed by employer or employee.
Research conducted by Industry Super Australia found the LISC benefits 30% of working Australians, many of whom work part time so they can care for their families.
SG to stay at 9.5%The super guarantee (SG) that employers pay to eligible employees will stay at 9.5% until 2021.